Retirement withdrawals

Retirees should stick to their strategies and diversify their portfolios with various sources of income.

Seniors who are 70 1/2 and older should ensure that they take their first required minimum distribution from tax-deferred retirement accounts by Dec. 29.

Employees should refrain from cosigning their child's student loan, as Social Security could garnish their retirement benefits if the child defaults on the loan payments.

Missing required 401(k) minimum distributions are subject to a penalty equal to half the amount that should have been taken.

Although the current year has been good for participants, many workers are not investing in a retirement plan.

Investors are advised to do a Roth conversion before year-end to make the most of the federal tax deduction for state and local income taxes, which could disappear next year.

Relying too much on tax-loss harvesting to generate an income is a common mistake that workers should avoid after they retire.

Relying too much on tax-loss harvesting to generate an income is a common mistake that clients should avoid after they retire.

Retirees who have reached the age of 70 1/2 should take required minimum distributions from tax-deferred accounts, while those who are younger should draw from their taxable accounts.

Retirees who have reached the age of 70 1/2 should take required minimum distributions from tax-deferred accounts, while those who are younger should draw from their taxable accounts.